Friedman Industries (NYSEAMERICAN:FRD) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Friedman Industries (NYSEAMERICAN:FRD) from a buy rating to a hold rating in a report published on Tuesday.

Friedman Industries Stock Performance

Shares of NYSEAMERICAN:FRD opened at $15.03 on Tuesday. The company has a market cap of $104.76 million, a P/E ratio of 6.29 and a beta of 1.37. Friedman Industries has a 1 year low of $9.50 and a 1 year high of $19.52.

Friedman Industries (NYSEAMERICAN:FRD) last announced its earnings results on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter. The business had revenue of $114.55 million during the quarter. Friedman Industries had a return on equity of 9.65% and a net margin of 2.48%.

Friedman Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $0.16 dividend on an annualized basis and a yield of 1.06%. Friedman Industries’s dividend payout ratio (DPR) is currently 6.69%.

Insider Buying and Selling at Friedman Industries

In related news, Director Max Alan Reichenthal purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were bought at an average price of $14.00 per share, with a total value of $28,000.00. Following the acquisition, the director now owns 30,761 shares of the company’s stock, valued at approximately $430,654. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Max Alan Reichenthal purchased 2,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were purchased at an average price of $14.00 per share, with a total value of $28,000.00. Following the completion of the acquisition, the director now owns 30,761 shares in the company, valued at approximately $430,654. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joe L. Williams purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was purchased at an average cost of $14.34 per share, for a total transaction of $43,020.00. Following the acquisition, the director now owns 31,574 shares of the company’s stock, valued at approximately $452,771.16. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 16,365 shares of company stock worth $235,301. Insiders own 3.80% of the company’s stock.

Institutional Trading of Friedman Industries

Several institutional investors have recently added to or reduced their stakes in FRD. Janney Montgomery Scott LLC raised its stake in shares of Friedman Industries by 17.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock valued at $459,000 after acquiring an additional 4,377 shares during the last quarter. Gendell Jeffrey L raised its stake in Friedman Industries by 5.9% in the fourth quarter. Gendell Jeffrey L now owns 374,327 shares of the company’s stock worth $5,787,000 after buying an additional 20,940 shares in the last quarter. Empowered Funds LLC raised its stake in Friedman Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock worth $577,000 after buying an additional 2,275 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Friedman Industries in the first quarter worth about $131,000. Finally, O Shaughnessy Asset Management LLC bought a new position in Friedman Industries in the first quarter worth about $425,000. 33.26% of the stock is currently owned by hedge funds and other institutional investors.

About Friedman Industries

Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils.